FBR assured to incorporate IAOP suggestions pertaining to SRO 1125

Karachi, June 01 (Online) The Chairman Federal Board of Revenue (FBR) Nisar Ahmed Khan, while agreeing to the much-awaited demand of Indenters Association of Pakistan, has assured to waive of the verification condition in case of selling items enlisted in the SRO 1125 to non-registered persons.

According to press release, former Chairman of Indenters Association of Pakistan and Chairman of FBR Liaison Committee of Businessmen Panel Saquib Fayyaz Magoon extensively discussed issues faced by the Services Sector and Commercial Importers with Chairman FBR Nisar Ahmed Khan and PM Advisor on Revenue Haroon Akhtar during a meeting recently held in Islamabad.

Chairman FBR assured to seriously consider numerous suggestions given at the meeting. Discussing the taxation measures, he assured that if taxes on Services Sector were being levied at the provincial level, then the FBR would consider waiving it at Federal Level.

Appreciating the positive gestures shown by Chairman FBR at the meeting, Saquib Fayyaz Magoon stressed that the incidents of double taxation along with heavy taxes need to be efficiently tackled and reduced in order to revive the economic activities.

He proposed that additional 2 percent sales tax on import of raw material by Commercial Importers must either be withdrawn or adjustments be allowed as Carry Forward under Sales Tax.

Saquib Fayyaz Magoon further suggested unconditional zero rating of enlisted items in SRO 1125, textile machinery and spare parts whereas the SRO 1125 must be reinstated in its original state so that production activities of export-oriented industries should be improved and these industries could also be equipped with latest technologies which would prove favorable for Pakistan’s exports.